Chemical tanker movements disrupted by Tianjin port blasts

Source: ICIS News

2015/08/14

SINGAPORE (ICIS)--The deadly explosions in the Chinese port of Tianjn have caused delays in loading and deliveries of chemical cargoes as port officials have ceased operations, shipbrokers and owners said on Thursday.

They expect the suspension of port operation to be short-lived as the oil and refinery terminals were a “safe distance away” from the port, according to a shipbroker.

“The entire Tianjin port is closed now as the government is trying to clean up the mess and we think the port will start operations by the weekend,” said a China-based ship owner.

Despite the explosion, market participants expect freight rates for cargoes loading out of China to remain weak amid a surplus of prompt-loading tonnage.

“There already has been some enquiries for second-half August loading cargoes as charterers were looking to replace their vessels running late because of the blast,” a northeast Asian ship owner said.

“However, we are unable to raise our offers as there are too many owners who are looking to move their prompt vessels and are providing competitive quotes for these cargoes,” the ship owner added.